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Review of the Year 2020

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Review of the Year 2020 There’s strength in mutual support Review of the year 2020 Including our Summary fnancial statement 2 Review of the year 2020 Welcome to our review of what we’ve achieved together over the last 12 months. It covers the financial year from 5 April 2019 to 4 April 2020, and tells you all you need to know about your Society. Find out how we’ve stood together during the coronavirus pandemic, how we’re helping to look after your money at this difficult time and what we’ve done to make our members’ and employees’ lives a little easier. There’s also an update from our Chairman, David Roberts, and Chief Executive Officer, Joe Garner. Towards the back you’ll find a summary of all things financial (our ‘Summary financial statement’), a bit about how much we pay our Board of directors (the ‘Summary report of the directors on remuneration’), plus our remuneration policy. Thank you for being part of Nationwide. This year more than ever, your membership really does make a difference. Chairman’s Chief Summary Statement Summary report letter Executive’s fnancial of the of the directors review statement auditors on remuneration Ipage 5 page 7 page 22 page 24 Ipage 25 3 What your Society has achieved this year ards 201 Banking Aw 9 No.1 UK’s for customer 1st Brand of the Which? most trusted B a r satisfaction amongst 2 n ea kin e Y 1 ~ g Brand of th our peer group fnancial brand Year 2019 • for the third year Helped more than I More than 16.3 million ••• 1 members ,,, 1 in 6 ~i•••i 1 in 6 @ frst-time buyers into current account 2019: 15.9 million a home of their own I switchers came to us3 2019: 1 in 5 2019: 1 in 5 We will help members £469 million £715 million underlying proft member fnancial stay in 2019: £788 million beneft, from incentives and better pricing than their homes £466 million the market average where they are in fnancial statutory proft 4 2019: £705 million diffculty caused by Covid-19 2019: £833 million 1 Lead at March 2020: 5.4%pts, March 2019: 4.8%pts. © Ipsos MORI 2020, Financial Research Survey (FRS), 12 months ending 31 March 2020 and 12 months ending 31 March 2019. c.51,000 adults (aged 16+) surveyed across Great Britain from a total representative sample of c.60,000 adults (aged 16+) per annum. Interviews were conducted face to face and online, and weighted to refect the overall profle of the adult population. Proportion of extremely/very satisfed customers minus proportion of extremely/very/fairly dissatisfed customers summed across main current account, mortgage and savings. Peer group defned as providers with main current account market share >4% as of April 2019 (Barclays, Halifax, HSBC, Lloyds Bank, NatWest, Santander and TSB). 2 Nationwide Brand Guidance Study compiled by an independent research agency, based on customer and non-customer responses for the 12 months ending March 2020. Financial brands included Nationwide, Barclays, Co-operative Bank, First Direct, Halifax, HSBC, Lloyds Bank, NatWest, TSB and Santander. 3 Pay.UK monthly CASS data. 12 months to March 2020: 17.2%; 12 months to March 2019: 21.5%. 4 Nationwide has committed not to repossess any homes over the next 12 months. 4 Review of the year 2020 How’s your Society performing? We measure our performance on the things that matter most to our members: great service, long-term value and fnancial strength. We seek to strike the right balance between retaining suffcient proft to maintain our fnancial strength, delivering value to our members now, and investing so we can continue to meet the needs and expectations of members in the future. We are yet to understand fully the impact of Covid-19 on the coming year’s targets. However, our priorities remain to provide a safe and secure home for our members’ money and to deliver legendary service to our members. We’ve also committed to giving at least 1% of our pre-tax profts to charitable activities (2020: £9.5 million; 2019: £10.6 million)5. Service Value Strength Giving our members the Helping more members achieve their fnancial goals Keeping our members’ best service possible and providing them with better value products money safe and secure We aim to be the best for We also want to be We’re aiming to have 10 million We aim to share at least We aim to have a UK customer satisfaction in our among the top fve engaged members by 2022, £400 million of value with our leverage ratio (a measure peer group, with a lead organisations in the UK for with 4 million committed members each year through of our fnancial strength) of at least 4%pts. customer satisfaction. members who use at least incentives and better pricing of at least 4.5%. two of our products.8 than the market average. TOP 1st 4 ,,••,• £ Lead: 9.4m 3.6m 7 • 6 •th Engaged Committed 5.4%pts 4 members members £715m 4.7% 2019: 4.8%pts 2019: Joint 5th 2019: 9.2m 2019: 3.4m 2019: £705m 2019: 4.9% 5 The 1% is calculated based on average pre-tax profts over the previous three years. Of the £9.5 million, £2.4 million was committed to Nationwide Foundation and £7.1 million to other social investment activities, which includes multiple programmes as well as internal costs of managing this investment. 6 © Ipsos MORI 2020, Financial Research Survey (FRS), 12 months ending 31 March 2020 and 12 months ending 31 March 2019. c.51,000 adults (aged 16+) surveyed across Great Britain from a total representative sample of c.60,000 adults (aged 16+) per annum. Interviews were conducted face to face and online, and weighted to refect the overall profle of the adult population. Proportion of extremely/very satisfed customers minus proportion of extremely/very/fairly dissatisfed customers summed across main current account, mortgage and savings. Peer group defned as providers with main current account market share >4% as of April 2019 (Barclays, Halifax, HSBC, Lloyds Bank, NatWest, Santander and TSB). 7 Institute of Customer Service UK Customer Satisfaction Index (UKCSI) as at January in each year. 8 Engaged members have their main personal current account with us; a mortgage of at least £5,000; or a savings account of at least £1,000. Committed members have an engaged membership product plus at least one other product. 5 In these challenging times, we are reminded of the human ties that ultimately bind us all. As we emerge from the crisis, I hope this spirit of mutual kindness and consideration will continue to support the many individuals, families and communities for whom life after the coronavirus A will undoubtedly be very challenging. The coronavirus emerged in the UK towards the end of our 2019/20 fnancial year. As it impacted letter our results and how we think about the future, I would like to share the Board’s perspective on from David Roberts all the Society achieved last year and our priorities Your Society’s Chairman for next year. The Board is responsible for the long-term sustainability of the Society, our culture and Dear member, values, and for governance. The strategic plan we put in place three years ago affrmed our strong At the time of writing in May 2020, the coronavirus has upended lives belief in mutuality, reinforced our desire to put and communities, causing widespread damage to the health, wellbeing the interests of members at the heart of our and livelihoods of our fellow citizens. decision making, and outlined how the Society would evolve in our fast-changing world. We have responded with a range of measures to help our 16 million Our strategy put us on a growth path – we have members through this difcult period. By the end of April, we had more members, higher mortgage balances and supported over 280,000 borrowers with payment holidays and interest higher retail deposits. Being member-owned, and having built signifcant capital strength in recent free periods on overdrafts and we have put in place a support package years, we have been able to forgo higher levels of to help them keep their homes if they are in fnancial difculty. Our proft so that we could continue to deliver great colleagues have responded fabulously, maintaining an essential service service and value to our members, while investing in difcult circumstances. Our members have helped us protect in our future and communities. We are proud of stretched resources by only contacting us for essential business and what we have achieved. using our digital services more. I would like to thank everyone for their However, the outlook for the UK has changed radically since 2016. Bank base rate has fallen to a amazing eforts. historic low, the UK has left the EU, and we face profound economic challenges from the coronavirus. 6 Review of the year 2020 Chairman’s letter continued Maintaining fnancial strength Governance and oversight contributions will go into our market-leading defned contribution scheme. In our 2019/20 fnancial results, lower profts The Board continues to maintain its strong refected active choices to deliver more value to governance and oversight of the Society, Board changes members, and to invest in the long-term future considering the impact of our decisions on all our With a mix of established and newer directors, of the Society, as well as the costs of settling stakeholders and engaging with our members our Board provides both continuity and challenge legacy PPI claims, and £101 million of provisions through TalkBacks and Member Connect.
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